Australia was the 22 largest exporting economy in 2018, with a total of 256.8 billion USD according World Bank statistics.
Followed by Thailand (23) with 252 billion and behind Poland (21) with 260.6 billion USD. The countries within its geographical area of influence like Singapore, Malaysia and Viet Nam were placed in positions 15, 24 and 25 respectively.
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Tips for importing/exporting from or to the Australian market
If you are thinking of importing/exporting from or to the Australian market, it is advisable to keep the following key factors in mind in your market study:
- In 2018, its Trade to GDP indicator (X+M/GDP) was 43%. Furthermore, its export-import ratio (X/M) was 109%.
- During the period 2016-2018, exports increased at an average annual rate of 11%, from 192.4 billion USD in 2016 to 256.8 billion USD in 2018.
- In 2017, exports of technological products (medium high tech products), represented 19 % out of the total of exported manufactured products.
- GDP per capita in 2018 was 51,602 USD. The population reached 24.9 million inhabitants.
- The urban population is 86%. The biggest cities are: Sydney (4.6 million), Melbourne (4.2 million) and Brisbane (2.2 million).
- 87% out of total population uses internet. The number of mobile phone subscriptions is 1.14 per inhabitant.
- Exports of services rose by an average annual rate of 5.6% in the period 2014-2018, from 56.5 to 69.4 Billion USD.
- During the period 2013-2018, foreign direct investment (FDI) received by Australia reached the average annual figure of 51 billion USD.
- Its main trading partners are China, which represents 53% of exchanges, followed by Japan with 17% of exchanges and United States with 14% of exchanges.
- Regarding bilateral agreements, Australia has 13 existing regional trade treaties. Its presence in international markets will be bolstered by 1 new treaty which will come into force soon (at the date of this publication).
- The Australian legal system is based on common law system based on the English model. The type of government is federal parliamentary democracy under a constitutional monarchy; a Commonwealth realm.
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Data from 2018, other years are stated.